From two sentences I've written below, the first one is positively correct as it's cited from Longman dictionary. The grammatical validity of the second one, however, seems rather dubious knowing the other sentence already proved valid (if I didn't know that the first sentence is correct, I would say that the second one makes more sense to me and so it'd be the only correct version). Please let me know if the second sentence is correct.
She had nothing to do except spend money.
She had nothing to do except spending money.